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Membership T & C's

Terms & Conditions of Membership of Tail O' The Bank Credit Union


  1. Membership of the credit union is available to any person over the age of 18 who fulfils the common bond qualification for membership.
  2. A member is required to hold at least £10 in shares.
  3. There is an annual membership fee of £10 taken in October each year
  4. The membership fee is renewed annually but capped at £10 
  5. A member is entitled to one vote in the democratic proceedings of the credit union.
  6. The credit union will require members to hold a sum greater than £10 as a condition of retaining membership.
  7. The credit union is covered by the Financial Ombudsman Service. Members can request a copy of internal procedure on complaints handling if dissatisfied with our services.
  8. The credit union will maintain rigorous identification and verification processes when new members apply to join, to ensure that the credit union is not used to launder money.
  9. All potential members are required to apply for membership and have their membership approved under the procedure established by the credit union.
  10. The terms and conditions of an individual’s membership are set out in the credit union’s rulebook.
  11. Members may voluntarily withdraw from membership by applying for a withdrawal of their shares and settling any outstanding debts.
  12. The credit union reserves the right to expel members from membership in accordance with the rules, in the case of any breach of the rules or policies of the credit union.
  13.  An annual dividend may be paid, gross of tax, on some or all sums deposited, subject to surplus. Tail O’ The Bank Credit Union is not responsible for tax declarations and does not give advice on tax due on dividends. Please contact HMRC for advice.
  14. The dividend will be recommended by the Board of Directors and authorised by the members at the Annual General Meeting. Any dividend due will be backdated accordingly any dividend payable may be freely withdrawn by the member.
  15. Any dividend due is calculated for the credit union financial year which is 1st October to 30th September. Dividend can only be paid to active members accounts. Accounts closed after the financial year end (30th September onwards) but before the dividend is credited, will forfeit the right to any dividend due. Members who close their account during the financial year also forfeit the right to any dividend due. Dividend is not paid to any member that has a current bad debt within the credit union.
  16. If a member leaves the common bond they are able to remain in membership of the credit union as a non-qualifying member.
  17. The number of non-qualifying members shall not be permitted to exceed 10% of the total membership of the credit union.
  18. Relatives who live within the same household as a qualifying member are able to join the credit union.
  19. Young people under the age of 18 are able to join the credit union.
  20. Temporary workers are able to join the credit union. The credit union defines a temporary worker as an employee with less than a 12-month contract.
  21. Students are able to join the credit union.
  22. Proxy share withdrawals will be paid in cheque in the name of the member 
  23. Share withdrawals of greater than £500 will be paid via cheque or bank transfer
  24. Tail O’ The Bank Credit Ltd. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority:  FRN 213860